Bitcoin price is gaining pace above the $42,500 resistance. BTC is showing positive signs and might extend its increase toward the $45,000 resistance.
- Bitcoin price is moving higher above the $42,500 resistance zone.
- The price is trading above $43,000 and the 100 hourly Simple moving average.
- There is a major bullish trend line forming with support near $42,150 on the hourly chart of the BTC/USD pair (data feed from Kraken).
- The pair could continue to rise if it clears the $43,800 and $44,200 resistance levels.
Bitcoin Price Climbs Higher
Bitcoin price started a decent increase above the $41,200 resistance zone. BTC was able to clear the $42,500 and $42,800 resistance levels to move further into a positive zone.
The bulls pushed the price above the $43,000 resistance and the price pumped toward $43,800. A new weekly high is formed near $43,779 and the price is now consolidating gains. It is trading above the 23.6% Fib retracement level of the upward move from the $41,651 swing low to the $43,779 high.Bitcoin is now trading above $43,000 and the 100 hourly Simple moving average. There is also a major bullish trend line forming with support near $42,150 on the hourly chart of the BTC/USD pair. The trend line is near the 76.4% Fib retracement level of the upward move from the $41,651 swing low to the $43,779 high.
Immediate resistance is near the $43,800 level. The next key resistance could be $44,200, above which the price could rise and test $44,500. A clear move above the $44,500 resistance could send the price toward the $45,000 resistance.
